Large sum gifted from US - what do I need to know?

[BirthThoughts]

My PIL live in the US. My grand-MIL recently passed away and expressed (verbally to PIL, not in official will) the desire that half the money from the sale of her home go to me and DH. This amounts to over £60,000. My MIL is talking about "just wiring it over" but I have a feeling it isn't quite that simple!

What do I need to be aware of / do in terms of a) ensuring the transfer doesn't get flagged as potential money laundering and b) heading off any tax complications? Technically this is I guess a gift from my PILs rather than an "inheritance". 🤔

Any advice much appreciate!

Dealing with a person with any US ties is a specific role, FATCA regualtions make it a very complex situation.

I think you would be best suited contacting a large accounting practice, and ask them if they have specialists in US taxation.

It may be absolutley fine, however, it may be worth checking.

There are two transactions.

If there is any US estate tax (death) it will be filtered out in GMILs US estate tax return. The exemption is about $11m because Trump doubled it recently. Unlikely to apply in this case. The MIL is then making a lifetime gift. The threshold is $15k per recipient. There is no tax to pay, but lots of form filling if it goes above. The answer is for MIL to make two $15k gifts before 31 December and the same again in January. The rest could be given later. Or suck it up and MIL files the gift forms with the IRS.